Tag Archives: consumer banktruptcy

Buying a Car with Bad Credit 1

We’re reviewing the four things that you need to provide to a dealer in order to get a car loan if you have bad credit.

  1. Proof of income – This must be in the form of a computer-generated check stub. It must be current, show year-to-date income, and your wages must be reported on a W-2 form at the end of the year (most subprime lenders have a problem with income like SSI and disability).
from Auto Credit Express

Subprime lenders’ profits slip

Auto finance companies that lend to the riskiest customers remained profitable last year. But their average results dropped 20 percent from the prior year, according to the National Automotive Finance Association’s 2015 Non-Prime Automotive Financing survey.

Two-thirds of the institutions polled reported that their results declined.

Even so, the value of U.S. portfolios of subprime loans on new and used vehicles grew for the fourth consecutive year, the association said.  Read more…